Netbooster publishes 2012 Sales of € 132 M, a 58.7% growth. Gross Margin, much more representative of the activity, stands at € 34 M, +23% in line with company target but just below our estimate of € 34.8 M. The organic growth (excluding TradeDoubler Search bought in December 2011) stood at 4.7%.
After a slowdown in growth in Q3 (Gross Margin +9% vs +32% in H1), Q4 was more dynamic with an increase in Gross Margin of 23%.
Ultimately, these figures validate the integration of Metapeople, acquired in June 2011, and the relevance of the new group’s products (Ad Exchange, Smart Search).
Netbooster also announced that its profitability will improve significantly and that EBITDA should grow strongly. If not explicitly reaffirmed, the goal of an EBITDA/Gross Margin ratio of 11% should, according to our estimates, almost certainly be reached.
Netbooster finally confirms its recovery and starts 2013 on a strong basis allowing it to position more and more as a leading provider in the digital communication market.
We therefore maintain our Buy Opinion with a target price
adjusted to € 3.73 (vs € 3.62), 29.5% upside potential.